Titan to end joint venture with Montblanc in December
The company had entered into the partnership with Montblanc Services BV for the operation of retail boutiques in India for Montblanc products.
With the end of this joint venture partnership in India, Titan aims to focus on their primary business and proprietary brands, while Montblanc is all set to become a wholly-owned subsidiary in the country.
Commenting on the developments, C K Venkataraman, managing director of Titan Company Ltd, in a statement said: “We have decided that during these rather challenging times our primary business must take precedence. Both parties have greatly benefited from this partnership, and our relationship with Montblanc remains strong and positive.”
Nicolas Baretzki, CEO of Montblanc International, added: “The partnership with Titan allowed us to establish Montblanc as a luxury maison with a significant presence in India today. This is a market that holds strong long-term potential for Montblanc, and we now become a wholly-owned subsidiary.”
The Titan and Montblanc partnership began in 2015, during which Montblanc opened 12 boutiques in major cities across the country, and established a fast-growing e-commerce business through the luxury online portal, Tatacliq.
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